Iovance Biotherapeutics Inc (NASDAQ:IOVA) shot up 0% on Wednesday . The company traded as high as $9.90 and last traded at $9.60. 926,127 shares changed hands during mid-day trading, an increase of 74% from the average session volume of 532,666 shares. The stock had previously closed at $9.60.
A number of research firms recently weighed in on IOVA. B. Riley upped their price target on Iovance Biotherapeutics from $17.50 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, November 1st. Zacks Investment Research cut Iovance Biotherapeutics from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. HC Wainwright set a $16.00 price target on Iovance Biotherapeutics and gave the stock a “buy” rating in a report on Wednesday. Finally, Oppenheimer set a $13.00 price target on Iovance Biotherapeutics and gave the stock a “buy” rating in a report on Tuesday, October 31st. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Iovance Biotherapeutics has a consensus rating of “Buy” and a consensus target price of $14.72.
The company has a market capitalization of $699.09, a P/E ratio of -7.35 and a beta of 4.89.
A number of hedge funds have recently bought and sold shares of IOVA. Russell Investments Group Ltd. purchased a new stake in Iovance Biotherapeutics in the 2nd quarter valued at approximately $380,000. Schwab Charles Investment Management Inc. purchased a new stake in Iovance Biotherapeutics in the 2nd quarter valued at approximately $1,538,000. Rhumbline Advisers purchased a new stake in Iovance Biotherapeutics in the 2nd quarter valued at approximately $468,000. Bank of New York Mellon Corp purchased a new stake in Iovance Biotherapeutics in the 2nd quarter valued at approximately $1,796,000. Finally, Legal & General Group Plc purchased a new position in shares of Iovance Biotherapeutics during the 2nd quarter worth $103,000. 75.93% of the stock is currently owned by hedge funds and other institutional investors.
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About Iovance Biotherapeutics
Iovance Biotherapeutics, Inc, formerly Lion Biotechnologies, Inc, is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of cancer immunotherapy products designed to harness the power of a patient’s own immune system to eradicate cancer cells. The Company’s lead program is an adoptive cell therapy utilizing tumor-infiltrating lymphocytes, which are T cells derived from patients’ tumors, for the treatment of metastatic melanoma.
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